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Fintech Is Obviously Affecting The Economy Of Italy. CONSOB Is Taking The Industry Under Control

Fintech Is Obviously Affecting The Economy Of Italy. CONSOB Is Taking The Industry Under Control

14 August 2018 16:18, UTC

By Vsevolod Gnetii

Chairman of the supervisory authority for the Italian financial products market (CONSOB) Paolo Ciocca, in an interview to the newspaper Il Sole 24 ore, the financial and economic publication of the Italian Union of Industrialists and Entrepreneurs (Confindustria), determined the priority for Fintech: the convening of "States General", that is, the highest representative office, with the participation of all subjects of the market economy, state institutions concerned, academic circles involved in practical scientific research, stakeholders from financial economic sector to discuss the opportunities offered by Fintech. The preliminary date is the beginning of 2019, the site is Milan.

The venue of the forum was not chosen accidentally: Milan is a strategic center, because there is a stock exchange, as well as three major universities - the Polytechnic, Bocconi and the Catholic University of the Sacred Heart - which are also important research centers. In addition, the location of Milan is of strategic importance - halfway between the other two prominent research centers in Turin and Trento.

According to Paolo Ciocca, an important step in the practical application of Fintech is its use in the logistics chain and the associated financial network. Less noticeable, but more important in terms of impact on the economy, are Big Data and artificial intelligence. The Chairman of the Italian national regulator believes that Big data gives huge opportunities to investors, including small ones, due to independent access to consulting a large flow of information. As an example of the fundamental meaning of a large information flow, the reference is made to data collected by colossi of the internet, such as Google, Amazon, Facebook, while data providers, many of which supply them unconsciously, are leaving traces in the web. It is at this stage when independent consultants can join the data processing, since the investor, being aware of the importance of the data relating to him directly, can turn them to his own advantage.

The EU Directive on Payment Services (PSD2) allows a third party, with the permission of the data owner, to access the owner's banking information. An independent consultant who uses this data to assist investors in grading investments according to their own needs can become such an active participant.

The activity of the regulator of business and stock exchange (CONSOB) is concentrated on three pillars: Big data, artificial intelligence and blockchain. The task of the national regulator is to protect and inform investors, assist in the formation of capital, regulation, enforcement (combat abuses), while power structures should focus on the regulator in the formulation of a medium-term strategy.